Breathing space for Arcadia in the UK

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The mortgaged building Credit: TopShop

AFTER nearly seeing his Arcadia business go into administration earlier this year, Sir Philip Green has managed to secure a £310 million (€360million) re-mortgage of one of the company’s main properties in Oxford Street.

This is a short term loan but should giving briefing space to the various businesses in the group which have been struggling due to falling sales and high rents.

It will also give new Chairman Andrew Coppel a chance to understand the various Arcadia businesses which include Top Shop and Dorothy Perkins.

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